Re: Envelope Budget System
I have been doing the envelope system for 40 years. i am new to computers and don't know how to use them to track my money.
I have made a budget and it is down on paper. Every monday, I sit down with the cash from the paycheck and my envelopes. I put away so much each week for car payment , land payment, phone, heat, electric, , etac. etc. etc. I also allot so much a week for those once or twice a year payments, property tax, house insurance and car insurances. For me that runs about $140 a week and I save it til one of those things is due.
My husband and I each get an allowance and we pay for our gas out of that.
The trick is to NEVER borrow from the envelopes. On the RARe occasion that I have borrowed, I put an IOU in the envelope and it gets paid back first.
I have an envelope for everything, christmas, medical, etc. If something really big comes up unexpected, I pay out of my emergency fund.
My first envelope says "pay yourself first" and that goes into savings each week.
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